Reading: Shoosmiths acts in Torex Retail MBO

The corporate commercial team of national law firm Shoosmiths, which has an office in Reading, has just completed the £8 million management buyout (MBO) of non-core operations from Torex Retail plc.

Torex, a leading provider of technology solutions to the retail sector from electronic point of sale systems to back office and analysis systems, has recently sold a package of businesses, products lines, assets and distribution rights comprising leisure, hotel and digital signage activities to former directors, Ed Dayan and Mark Pearman for a maximum consideration of £8 million.

Ed Dayan was formally the chief executive of XN Checkout Holdings plc prior to its acquisition by Torex Retail in 2005. The XN company name will now be resurrected as the trading name for the new venture.

Partner Emma Gibson explained: “Before and after its acquisition by Torex Retail we have maintained a strong relationship with the XN management team.

“This latest development represents yet another evolution by Ed Dayan. I am pleased we could assist Ed and Mark at the start of what I am sure will be an exciting new venture for both of them.”

Ed Dayan for XN said they were delighted that the MBO had been completed successfully and commented: “The buyout gives us a great opportunity to develop these young businesses and we now plan to focus and expand our activities to grow them in the UK and abroad.

“Shoosmiths was our first choice to provide the specialist legal advice we needed for the progression of the business. Everyone involved has done a fantastic job.”